There are many cannabis stocks which have made a bit of a comeback this year and one of the stocks that could be worth watching today is that of MedMen Enterprises Inc (OTCMKTS:MMNFF).
Yesterday, the premium cannabis retail companies saw its stock jump by as much as 8% after it announced its financial results for the fourth fiscal quarter of 2021 and also for the fiscal year, both of which ended on July 26, 2021. The company announced that in the fourth quarter it managed to generate revenues of $42 million from the continuing operations in the states of Florida, Nevada, Illinois, Arizona and California.
It reflected a year on year rise of as much as 55.4% and 18.4% on a sequential basis. However, it should be noted that the net losses widened considerably to $46.2 million from only $9.7 million in the previous quarter. The Chief Executive Officer and Chairman of the company Tom Lynch stated that it was a pivotal quarter for MedMen. The quarter proved to be a vital one as it not only delivered higher sales for the company but its retail stores recorded profitability on an EBITDA basis as well.
